Home Sales Are Down Across Chicago’s Suburbs As Inventory Remains Historically Low
As potential buyers dwindle, homes were on the market fewer days during July, according to new data from the Mainstreet Organization of REALTORS®.
During July 2022, 3,511 detached homes sold in the suburbs of Chicago: down 25.2% year over year. And attached homes (condos, townhouses) showed a similar decrease, down 23.1% from last year to 3,450 sales.
The areas which saw the sharpest decrease in single family home sales were, in order:
Wood Dale (a 60% decrease), Western Springs (50%), Downers Grove (54.1%), Niles (48.3%), Orland Park (47.4%), Lindenhurst (47.3%), Elmhurst (44.4%), Geneva (41.7%), Arlington Heights (38.4%), Bartlett (38.1%), Sycamore (36.8%), Elmwood Park (36.7%), Schaumburg (35.9%), Rolling Meadows (34.8%), Green Oaks – Libertyville (32.8%), Lake Villa – Montgomery (31.1%) and Glen Ellyn (30.2%).
This comes down to 2 things:
One, sellers are becoming less opportunistic and aren’t moving unless they really have to.
Two, buyers are taking their time and not in as big of a rush as interest rates have risen over the last few months.
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